Based on 316 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their PBH positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 86% of 3.0Y peak
86% of all-time peak
316 funds currently hold this stock — 86% of the 3.0-year high of 367 funds (reached 2025 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 14% fewer funds vs a year ago
fund count last 6Q
51 fewer hedge funds hold PBH compared to a year ago (-14% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 43% buying
154 buying204 selling
Last quarter: 204 funds reduced or exited vs 154 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
⚠️
Fewer new buyers each quarter (-11 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 46 → 48 → 55 → 44. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒
65% of holders stayed for 2+ years
■ 65% conviction (2yr+)
■ 18% medium
■ 17% new
205 out of 316 hedge funds have held PBH for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
💎
Buying through price weakness — shares +8%, value -16%
Last quarter: funds added +8% more shares while total portfolio value only changed -16%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~44 new funds/quarter
54 → 46 → 48 → 55 → 44 new funds/Q
New funds entering each quarter: 46 → 48 → 55 → 44. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 67% veterans vs 22% newcomers
■ 67% veterans
■ 12% 1-2yr
■ 22% new
Entry-cohort mix of 316 holders: 211 (67%) are 2+ year veterans, 37 entered 1–2 years ago, and 68 (22%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 49% AUM from top-100 funds
49% from top-100 AUM funds
59 of 316 holders are among the 100 largest funds by AUM, controlling 49% of total institutional value in PBH. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.